• UGI USER
  • Apr 24, 2024
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NABARD REVEALS PLAN TO BOOST GREEN FINANCING INITIATIVES.

Why in the news?

NABARD unveils Climate Strategy 2030 to address India’s green financing needs; DLF pledges sustainable development initiatives.

source:slideserve

 About NABARD’s Green Financing Strategy:

  • NABARD unveils its ‘Climate Strategy 2030’ document on Earth Day to address India’s green financing needs.
  • India requires $170 billion annually to achieve $2.5 trillion by 2030, but current green finance inflows are insufficient, at $49 billion in 2019-20.
  • Majority of funds are for mitigation, with only $5 billion allocated for adaptation and resilience due to challenges in bankability and commercial viability.
What is Green financing ?

  • Green financing aims to boost financial support for sustainable development priorities.
  • It involves increasing funds from banking, micro-credit, insurance, and investments.
  • Goals include managing environmental and social risks, seizing beneficial opportunities, and enhancing accountability.

What is NABARD?

  • NABARD is a development bank focusing on rural sector development in India.
  • Headquartered in Mumbai, it provides finance for agriculture and rural development projects.
  • Established in 1982 under the National Bank for Agriculture and Rural Development Act, 1981.
  • Supports small industries, cottage industries, and rural projects.

Source: https://www.thehindu.com/business/nabard-unveils-climate-strategy-2030-to-mobilise-green-financing/article68099195.ece